Question: Please help Suppose a production function is given by q = 20KZL. The price of capital (v) is $40/hour and the price of labor (w)
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Suppose a production function is given by q = 20KZL. The price of capital (v) is $40/hour and the price of labor (w) is $90/hour. Capital is fixed at 3 machine hours. Which of the following represents the equation of the total cost curve (TC as a function of q). O a. TC = 90q O b. TC = 0.25q + 180 O c. TC = .5q + 120 O d. TC = 90q + 120
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